Banking and what it means to an average consumer today

Remember the good old days when banking was so simple - you had to go physically to the Bank to do your Banking transactions. Banking meant loans and deposits, there were few brochures displayed at the counters - so any new brochure was eagerly picked up by the customer who would scrutinise the contents to see how he could benefit from a new product

The Loan officer was just that - a Loan Officer! When approached, he would advise you on your loan - be it a housing loan or a business loan. The branch would take care of all your needs - it was a one stop banking centre - loans, deposits, trade transactions, clearing etc etc. The Branch Manager was the "BIG BOSS" and he commanded respect from the business community as he had the authority to make "DECISIONS". A request made to this important person meant that at some point of time. he / his staff would contact you and advise the outcome

With the advent of IT, banking too has entered another era. At the branches of the various Banks, impressive self service terminals have been set up with each Bank vying for the latest range of machines. You have the cash deposit machines, cheque deposit machines, ATM's and passbook updating machines. The counter customers are encouraged to move away from being served by a human being to "using the self service teminals". The increased use of internet banking evidences the popularity of this channel amongst the consumers

This migration is deemed necessary in order for the Banks to remain competitive - both in terms of providing convenience to the consumers as well as cutting costs.

What about the consumer customer?

Was he ever approached by the Banks to find out what was his preference? Human tellers or machines? A friendly face or a cold metal contraption? Was the consumer's opinion of any importance? After all sheer logic prevails - the convenience of a 24 - 7 machine outbeats a smile even from a Miss Universe teller

Moving on from this unanimous acceptance, what then has the consumer to complain about??

I invite comments from you - do you, as a consumer, have any comments regarding today's Banks?

In your opinion, are all the consumer's financial needs met by the Banks? Are they fast and efficient? Are the charges reasonable? Are you able to comprehend the product range that cater to your needs? Should there be more simplicity in the brochures? Is there an avalanche of information coming your way when you meet a Bank Officer?

Do share your opinions with me and post your views and suggestions in the blog

Thank you and hope that you continue to visit